Geopolitical tensions between China and Australia affect sales
More than $2.1 billion of sales are generated from the company’s Australia Pacific and Asia region, with a significant proportion derived from sales to customers in China. However, economic tensions between China and Australia have increased over the past several years on account of Australia’s call for an inquiry into the origins of the COVID-19 pandemic. Since China is a key buyer of mining technology and equipment from Australia, heightened trade tensions have weighed on sales of products and services over the past year.
COVID|ESG|Structural|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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